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The markets may seem like they are on pause ahead of Ben Bernanke and friends as everyone is debating whether or not the FOMC will actually announce or just keep hinting at another round of quantitative easing. Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs. With none of the 30 components in the DJIA (NYSEMKT: DIA) trading up more than 1% nor down more than 1%, these charts are going to need to be paid attention to much more closely.

For Thursday's chart analysis, Phil Erlanger said, "Wednesday we are above resistance at $144.33 but were close to breaking back under it. He noted, ';If we hold, then we would move to a long bias for today. If we fail, then get aggressive on the short side below $144.33 and use trigger indicators to lock in profits.' The SPY closed at $144.39. Today we have just moved above support on SPY at $144.28. Watch to see if we hold support. My prediction is range bound until the FOMC decision then REALLY pay attention to the value lines if we get some volatility. Remember to use a break above resistance to get more aggressive long and a break of support to get more aggressive on the short side."

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If you did not watch our prior video, here is the link for your review.